JV Breaks Ground on $2B Mixed-Use Development in Somerville
US2, a joint venture between Magellan Development; RAS Development LLC; Cypress Equity Investments and USAA Real Estate has broken ground on USQ, a $2 billion, 15-acre mixed-use development in Boston’s Somerville neighborhood.
The project, which totals 2.4 million square feet, has been in development for decades, according to the team behind the project. The project is slated to include 1.2 million square feet of office and life sciences space, 1,000 apartment units and 140,000 square feet of ground floor retail. In addition, the project also calls for nearly four acres of public space. The first building at USQ, 10 Prospect Street, is due for completion in the fourth quarter of 2022.
A groundbreaking ceremony for the project was held July 21. JLL is serving as leasing agent for the lab and office portions of the project, while Boston-based Graffito SP has been tapped to handle the retail leasing.
- ◦Development